Waiting until the federal return is prepared and then simply allowing that return to flow through to the New York returns could be a dangerous approach, leaving you scrambling, missing some election opportunities, and potentially being subjected to penalties.

Over the next few months, State Tax Notes’ In a New York Minute column will publish several installments addressing questions about 2015 New York returns. View part one, authored by Leah Robinson and Amy Nogid, which addresses decisions that must be made on an original, timely filed New York State franchise tax and New York City general corporation tax return.          

Stay tuned for the next installment, which will address issues regarding investment income classification and treatment, including what happens to taxpayers that missed the October 1, 2015, identification deadline. Additional installments will discuss 80/20 company issues, apportionment, losses and manufacturer provisions.